FTSE 100 movers: Miners gain while Vodafone loses out

The FTSE 100 index was down 0.18% at 7,324.70 at 1622 GMT in the late afternoon.

Miners Anglo American, Rio Tinto, BHP Billiton and Glencore were up after HSBC raised it price targets on all four, as it now it now expects the commodity price decline to be less pronounced that it had previously foreseen. The broker also lifted its recommendation on shares of Anglo American from a ‘hold’ to a ‘buy’.

Gold miner Randgold Resources and silver miner Fresnillo both gained on the back of rises in metal prices, with gold rising 0.48% and silver up 0.51%.

Luxury fashion brand Burberry shares rose to an 18-month high as it confirmed that new chief executive Marco Gobbetti will join the fashion retailer at the end of this month.

Lloyds fell despite it making it onto Macquarie’s ‘top buys’ list.

Royal Bank of Scotland was under the cosh as Goldman Sachs downgraded it to ‘neutral’ from ‘buy’ on valuation grounds and moved the stock from its Pan-Europe Buy List, but upped the price target to 270p from 240p.

Vodafone lost out as HSBC cut its rating to ‘hold’ from ‘buy’ and cut the price target to 240p from 270p. The bank pointed to growing concerns that rising competitive intensity in India, Italy and the UK may undermine the underlying improvements in 2017.

Barclays was in the red as Macquarie downgraded its stock to ‘neutral’.

Insurance companies Prudential and Standard Life were on the back foot, tracking the fall in yields on benchmark gilts.

Risers

Anglo American (AAL) 1,359.00p 2.22%
Randgold Resources Ltd. (RRS) 6,830.00p 1.79%
Glencore (GLEN) 322.35p 1.78%
Rio Tinto (RIO) 3,476.50p 1.73%
Mediclinic International (MDC) 805.50p 1.70%
Fresnillo (FRES) 1,437.00p 1.70%
BHP Billiton (BLT) 1,479.00p 1.68%
Burberry Group (BRBY) 1,635.00p 1.49%
Reckitt Benckiser Group (RB.) 6,946.00p 1.48%
Provident Financial (PFG) 2,880.00p 1.27%

Fallers

Royal Bank of Scotland Group (RBS) 214.70p -2.89%
Dixons Carphone (DC.) 342.20p -2.48%
Prudential (PRU) 1,577.00p -2.20%
ITV (ITV) 204.30p -2.06%
Lloyds Banking Group (LLOY) 64.70p -2.03%
Vodafone Group (VOD) 210.60p -1.91%
Tesco (TSCO) 202.25p -1.82%
Standard Life (SL.) 350.60p -1.82%
Barclays (BARC) 231.15p -1.74%
Taylor Wimpey (TW.) 169.60p -1.74%